13/05/2013 14:51
Demetra Investments is suffering losses since early 2013 against profits in 2012, according to its interim management statement.
The Company reported that the latest developments in Cyprus and the Eurogroup decisions on the banking sector and the Cypriot economy in general have affected negatively the Group’s results.
On March 15, 2013, the Company had deposits of €1.850.792 in Cyprus Popular Bank and of €138.991 in Bank of Cyprus. Also, the Company held 1.961.160 shares in Bank of Cyprus and 8.581.249 shares in Cyprus Popular Bank.
As stressed, the total amount of loss for the Company and the Group from the shares and deposits cannot be determined at the current stage. However, taking into account the information available so far, the loss from deposits is expected to reach €1.8 million. Also, the value of shares in Bank of Cyprus and Cyprus Popular Bank will be impaired fully. Taking into consideration the price of shares before the Eurogroup of March 15, the Company and the Group are expected to suffer losses from the shares of €776 thousand.
As for its prospects, the recent developments in Cyprus, with the uncertainty in the banking system and the economy in general, is expected to affect the future results og the Group to an extent that cannot be determined. The depth and time of this financial crisis cannot be predicted. As a result, the Board of Directors, under certain circumstances, is not in the position to draw safe conclusions on the results for 2013, which will depend on the performance of the stock market indices in Cyprus and overseas as well as the course of the property markets.
The Company reported that the latest developments in Cyprus and the Eurogroup decisions on the banking sector and the Cypriot economy in general have affected negatively the Group’s results.
On March 15, 2013, the Company had deposits of €1.850.792 in Cyprus Popular Bank and of €138.991 in Bank of Cyprus. Also, the Company held 1.961.160 shares in Bank of Cyprus and 8.581.249 shares in Cyprus Popular Bank.
As stressed, the total amount of loss for the Company and the Group from the shares and deposits cannot be determined at the current stage. However, taking into account the information available so far, the loss from deposits is expected to reach €1.8 million. Also, the value of shares in Bank of Cyprus and Cyprus Popular Bank will be impaired fully. Taking into consideration the price of shares before the Eurogroup of March 15, the Company and the Group are expected to suffer losses from the shares of €776 thousand.
As for its prospects, the recent developments in Cyprus, with the uncertainty in the banking system and the economy in general, is expected to affect the future results og the Group to an extent that cannot be determined. The depth and time of this financial crisis cannot be predicted. As a result, the Board of Directors, under certain circumstances, is not in the position to draw safe conclusions on the results for 2013, which will depend on the performance of the stock market indices in Cyprus and overseas as well as the course of the property markets.